Opta Minerals Inc.

Published : May 14th, 2015

Opta Minerals Inc. Reports First Quarter Results for Fiscal 2015

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Opta Minerals Inc. Reports First Quarter Results for Fiscal 2015

Opta Minerals Inc

Opta Minerals Inc. Reports First Quarter Results for Fiscal 2015

WATERDOWN, ONTARIO - (Marketwire - May 13th, 2015) - Opta Minerals Inc. (TSX:OPM), today announced results for the three months ended March 31, 2015. All figures are reported in U.S. dollars and are in accordance with International Financial Reporting Standards (IFRS), except where otherwise noted.

Expressed in Thousands of US Dollars

3 months

3 months

ended

ended

March 31,

March 31,

I ncrease

2015

2014

(Decrease)

%

Revenue

$ 29,457

$ 34,489

$ (5,032)

-14.6%

Gross Profit

3,743

4,897

(1,154)

-23.6%

12.7%

14.2%

-1.5%

EBITDA1

953

2,270

(1,317)

-58.0%

EBIT2

(323)

779

(1,102)

-141.5%

Income (Loss)

(757)

(254)

(503)

198.0%

EPS

$ (0.04) $

(0.01) $

(0.03)

1 EBITDA is a non-IFRS measure: refer to Footnotes

2 EBIT is a non-IFRS measure; refer to Footnotes

Operational and Financial Highlights:

First quarter revenue in the Steel and Magnesium segment decreased 7.0% from 2014. The Steel and Magnesium segment has primarily been impacted by a slow down in the steel industry in the U.S. and strengthening US exchange rates against the EUR and CAD, affecting non-U.S. based business results converted to U.S. dollars. The Industrial Minerals segment decreased 24.3% over 2014. The decrease in the quarter was primarily due to harsh weather throughout North America, competitive pressure, and exchange and industry conditions similar to the Steel segment. The Company is focused on cost reduction to realign to a lower revenue base.

Gross profit decreased quarter over quarter due to lower volumes and reduced gross profit margins of 12.7% compared to

14.2% in 2014. Gross profit margins have declined primarily from reduced facility utilization.

Selling, general and administrative expenses (SGA) were $3,286 or 11.2% as a percent of revenues, compared to $4,357 or

12.6% of revenues in the prior year quarter. Reduced SG&A is a function of cost reductions including headcount reductions already completed in Q4 2014 and the early part of 2015, as well as the strengthening US dollar and its impact on corporate
costs which are primarily in Canadian dollars. The Company is targeting 10% SGA as a percent of revenues.

Results include non-cash foreign exchange losses of $782 in the current quarter compared to foreign exchange gains of

$251 in the prior year comparative quarter. This was driven by the strength of the US dollar against both the Canadian dollar
and Euro.

Working capital at March 31, 2015 amounted to $20.3 million and total assets were $110.4 million, as compared to $21.8 million and $117.7 million, respectively, at December 31, 2014. While overall working capital is approximately the same as

at December 31, 2014, the current quarter ended March 31, 2015 reflects lower accounts receivable as a result of lower revenues.

The debt to equity ratio at March 31, 2015 was 0.99 to 1.00, and at December 31, 2014 was 1.00 to 1.00.

David Kruse, President and CEO of Opta Minerals, noted "Since the fall of 2014 we have been engaged in cost reductions including headcount in order to streamline the business and improve results. Unfortunately, the steel industry after a good fourth quarter in
2014 has softened considerably due to the cascading effect of lower oil prices. We have felt this impact, combined with exchange rate
movements when we consolidate our results and the very cold winter and its impact on our Infrastructure business. We believe the steel industry will improve in the back half of 2015 and we have not lost any significant customers through this downturn. Our priorities are to continue to reduce costs, simplify the business and improve cash flow through working capital management. We are also working on a number of revenue growth opportunities in the steel segment of our business."
Opta Minerals is a vertically integrated provider of custom process solutions and industrial mineral products used primarily in the steel, foundry, loose abrasive cleaning, water-jet cutting and municipal water filtration industries. The Company has production and distribution facilities in Ontario, Quebec, Saskatchewan, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, Florida, Ohio, Idaho, France, Slovakia and Germany. Opta has one of the broadest product lines in the industry.
For further information, please contact:

Opta Minerals Inc.

David Kruse, President and Chief Executive Officer Peter Fryters, Chief Financial Officer and Treasurer Tel: 905-689-7361, ext 405
H[email protected]
Website: www.optaminerals.com

2

FOOTNOTES:

---------
Earnings before income taxes and interest ("EBIT"); and earnings before interest, income taxes, depreciation and amortization ("EBITDA") as defined below, are both non-IFRS earnings measures that do not have standardized measures prescribed by IFRS, and therefore may not be comparable to similar measures presented by other publicly traded companies.

For the three

Months Ended

March 31

2015

$

2014

$

Loss for the Period

(757)

(254)

Finance Ex pense

863

901

Income Tax (Recov ery ) Ex pense

(429)

132

Depreciation and Amortization

1,278

1,479

Fair Value Adjustments to Contingent Consideration

(2)

12

EBI TDA1

Subtract:

Depreciation and Amortization

953

1,278

2,270

1,479

Fair Value Adjustments to Contingent Consideration

(2)

12

EBI T2

(323)

779

Notes

1) The term "EBITDA" refers to earnings before deducting finance expense, income taxes, depreciation and amortization. The Company believes that EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration non-cash asset depreciation and amortization. EBITDA is not a recognized measure under International Finance Reporting Standards (IFRS), and accordingly, investors are cautioned that EBITDA should not be construed as an alternative to net earnings or loss determined in accordance with IFRS as an indicator of the financial performance of the Company or as a measure of the Company's liquidity and cash flows. The Company's method of calculating EBITDA may differ from other issuers and accordingly, EBITDA may not be comparable to similar measures presented by other issuers.

2) The term "EBIT" refers to earnings before income taxes and finance expense. The Company believes that EBIT is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed or taxed. EBIT is a non-IFRS earnings measure that does not have standardized measures prescribed by IFRS, and therefore may not be comparable to similar measures presented by other publicly traded companies.

FORWARD-LOOKING STATEMENTS:

Certain statements in this release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include, without limitation, statements relating to the Company's targets with respect to SGA as a percent of revenues, anticipated improvements in the steel industry in the second half of 2015, the Company's intention to focus on reducing costs, simplifying the business and improving cash flows and potential revenue growth opportunities, as well as other statements which reflect the current expectations of management of the Company regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as ''may'', 'would'', ''could'', ''should'', ''will'', ''anticipate'',

''believe'', ''plan'', ''expect'', ''intend'', ''estimate'', ''aim'', ''endeavour'', ''seek'', ''predict'', ''potential'' and similar expressions have been used to identify these forward- looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management of the Company. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation: the impact of general economic conditions; the impact of specific industry conditions; the inability of the Company to successfully integrate recently acquired businesses or to achieve the anticipated benefits from such acquisitions; the risk of unexpected costs or liabilities relating to acquisitions; currency fluctuations and exchange rate risks; risks associated with foreign operations; governmental and environmental regulation; competition from other industry participants; cancellations of or the failure to renew purchase orders; production and delivery issues; quality, pricing and availability of raw materials; mining risks; and the other risks identified in the Company's Annual Information Form and other public filings (copies of which may be obtained at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by this press release. These factors should be considered carefully

3

and reader should not place undue reliance on the forward-looking statements. Although any forward-looking statements contained in this press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure readers that actual results, performance or achievements will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements are made as of the date of this press release and, other than as required by law, the Company does not intend, and does not assume any obligation, to update or revise these forward- looking statements, whether as a result of new information, future events or otherwise.

4

Opta Minerals Inc.

Interim Condensed Consolidated Balance Sheets As At March 31, 2015 and December 31, 2014 (Unaudited)

Expressed in Thousands of US Dollars (except per share amounts and number of shares)

March 31,

2015

December 31,
2014

Assets

Current

Cash and cash equivalents $ 2,083 $ 2,170

Trade receivables, other receivables and prepayments 17,644 20,236

Inventories 34,020 34,486

Income taxes receivable 960 996

54,707 57,888

Property, Plant and Equipment 20,321 21,926

Intangible Assets 24,822 26,827

Goodwill 8,919 9,447

Deferred Income Tax Assets 1,617 1,645

$ 110,386 $ 117,733

Liabilities

Current

Trade and other payables $ 14,702 $ 17,216

Borrowings 18,435 17,492

Provisions 698 772

Other liabilities 408 492

Income taxes payable 190 136

34,433 36,108

Borrowings 26,826 30,103

Derivative Financial Instruments 547 285

Provisions 482 447

Other Liabilities 153 242

Deferred Income Tax Liabilities 2,207 3,040

64,648 70,225

Equity Attributable to the Shareholders of the Company

Capital Stock

Authorized without limit as to number - Preference shares (without par value) Common shares

Issued -

18,129,566 common shares (December 31, 2014 - 18,125,164) 17,911 17,905

Contributed Surplus 4,745 4,696

Accumulated Other Comprehensive Loss (2,559) (1,491)

Retained Earnings 25,641 26,368

45,738 47,508

$ 110,386 $ 117,733

5

Opta Minerals Inc.

Interim Condensed Consolidated Statements of Loss For the Three Months Ended March 31, 2015 and 2014 (Unaudited)

Expressed in Thousands of US Dollars (except per share amounts)

March 31,

2015

March 31,
2014

Revenue $ 29,457 $ 34,489

Cost of Goods Sold 25,714 29,592

Gross Profit 3,743 4,897

Expenses

Selling, general and administrative 3,286 4,357

Fair value adjustments to contingent consideration (2) 12

Foreign exchange loss (gain) 782 (251)

4,066 4,118

Income (Loss) Before Finance Expense and Income Taxes (323) 779

Finance expense 863 901

Loss Before Income Taxes (1,186) (122)

Income tax (recovery) expense (429) 132

Loss for the Period Attributable to the Shareholders of the Company $ (757) $ (254)

Loss per share for the period - basic and diluted $ (0.04) $ (0.01)

6

Opta Minerals Inc.

Interim Condensed Consolidated Statements of Comprehensive Loss

For the Three Months Ended March 31, 2015 and 2014 (Unaudited)

Expressed in Thousands of US Dollars

March 31,

2015

March 31,
2014

Loss for the Period Attributable to the Shareholders of the Company $ (757) $ (254)

Other Comprehensive (Loss) Income, net of income taxes

Items that may be reclassified subsequently to profit or loss

Unrealized (loss) gain on translation of foreign operations (872) 94


Unrealized loss on derivative financial instruments designated as cash flow hedges (196) (58) Other comprehensive (loss) income, net of income taxes (1,068) 36

Comprehensive Loss Attributable to the Shareholders of the Company $ (1,825) $ (218)

7

Opta Minerals Inc.

Interim Condensed Consolidated Statements of Changes in Equity

For the Three Months Ended March 31, 2015 and 2014 (Unaudited)

Expressed in Thousands of US Dollars (except per share amounts and number of shares)

Number of Shares - Capital Stock

Capital

Stock

Contributed Surplus - Share-based Payments

AOCI* - Cash Flow Hedge

AOCI* - Foreign Currency Translation Reserve

Retained

Earnings

Total

Equity


At January 1, 2015 18,125,164 $ 17,905 $ 4,696 $ (210) $ (1,281) $ 26,398 $ 47,508

Comprehensive Loss

Loss for the period - - - - - (757) (757)
Unrealized loss on translation of
foreign operations - - - - (872) - (872)
Unrealized loss on derivative financial instruments designated as cash

flow hedges

Total Comprehensive Loss

Transactions with Shareholders

Employee share purchase plan 4,402 6 - - - - 6

Share-based payment expense - - 49 - - - 49

Total Transactions with Shareholders 4,402 6 49 - - - 55

At March 31, 2015 18,129,566 $ 17,911 $ 4,745 $ (406) $ (2,153) $ 25,641 $ 45,738


At January 1, 2014 18,111,247 $ 17,882 $ 4,358 $ (230) $ (632) $ 28,280 $ 49,658

Comprehensive Loss

Loss for the period - - - - - (254) (254) Unrealized gain on translation of
foreign operations - - - - 94 - 94
Unrealized loss on derivative financial instruments designated as cash

flow hedges

Total Comprehensive Loss

Transactions with Shareholders

Employee share purchase plan 3,801 6 - - - - 6

Share-based payment expense - - 109 - - - 109

Total Transactions with Shareholders 3,801 6 109 - - - 115

At March 31, 2014 18,115,048 $ 17,888 $ 4,467 $ (288) $ (538) $ 28,026 $ 49,555

*AOCI - Accumulated Other Comprehensive Income

8

Opta Minerals Inc.

Interim Condensed Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2015 and 2014 (Unaudited)

Expressed in Thousands of US Dollars (except per share amounts and number of shares)

March 31,

2015

March 31,
2014

Cash Provided by (Used in) - Operating Activities

Loss for the period $ (757) $ (254)
Items not affecting cash:
Depreciation of property, plant and equipment 773 921
Amortization of intangible assets 505 558
Share-based payment expense 49 109
Gain on disposal of property, plant and equipment (6) (6) Fair value adjustments to contingent consideration (2) 12

Deferred income taxes (649) (80)

(87) 1,260

Changes in non-cash working capital
Trade receivables, other receivables and prepayments 1,718 (4,027) Inventories (591) 3,573
Trade and other payables (1,642) (147) Provisions (18) 13

Income taxes receivable (payable) 87 52

(533) 724

Financing Activities

Proceeds from issuance of common shares - net of issuance costs 6 6

Proceeds from borrowings - net of deferred finance charges 1,947 - Repayment of borrowings - net of deferred finance charges (1,081) (1,942) Repayment of finance lease liabilities (114) (76)

758 (2,012)

Investing Activities

Additions to property, plant and equipment (130) (232) Proceeds on disposal of property, plant and equipment 47 12

Additional consideration paid on acquisitions (139) - Additions to intangible assets - (4)

(222) (224)

Effect of Foreign Exchange Loss on Cash and Cash Equivalents (90) (7)

Net Decrease in Cash and Cash Equivalents (87) (1,519)

Cash and Cash Equivalents


Beginning of Period 2,170 4,084

End of Period $ 2,083 $ 2,565

Additional Cash Flows Information:

Interest paid $ 761 $ 887

Income taxes paid 117 129

9

Opta Minerals Inc.

Interim Segmented Information

For the Three Months Ended March 31, 2015 and 2014 (Unaudited)

Expressed in Thousands of US Dollars

Three Months Ended March 31, 2015

Steel and Industrial

Magnesium Minerals Corporate Total

External revenue by market

Canada $ 3,276 $ 2,194 $ - $ 5,470

US 12,172 4,792 - 16,964

Europe 2,554 2,233 - 4,787

Other 52 2,184 - 2,236

Total revenue from external customers 18,054 11,403 - 29,457

Segment income (loss) before corporate expenses, fair value adjustments to contingent consideration,

finance expense and income taxes 1,708 (1,799) - (91)

Fair value adjustments to contingent consideration 2 - - 2

Corporate expenses - - (234) (234)

Segment income (loss) before finance expense

and income taxes 1,710 (1,799) (234) (323) Finance expense - - - (863) Income tax recovery - - - 263

Loss for the period - - - (923)

Total assets as at March 31, 2015 62,813 44,067 3,506 110,386

Depreciation of property, plant and

equipment 471 269 33 773

Amortization of intangible assets 484 - 21 505

Goodwill and intangible assets

as at March 31, 2015 33,660 - 81 33,741

Expenditures on property, plant and equipment

10

Opta Minerals Inc.

Interim Segmented Information

For the Three Months Ended March 31, 2015 and 2014 (Unaudited)

Expressed in Thousands of US Dollars

Three Months Ended March 31, 2014

Steel and Industrial

Magnesium Minerals Corporate Total

External revenue by market

Canada $ 3,705 $ 2,193 $ - $ 5,898

US 12,327 7,605 - 19,932

Europe 3,391 3,311 - 6,702

Other - 1,957 - 1,957

Total revenue from external customers 19,423 15,066 - 34,489

Segment income (loss) before corporate expenses, fair value adjustments to contingent consideration,

finance expense and income taxes 2,502 (525) - 1,977

Fair value adjustments to contingent consideration (12) - - (12) Corporate expenses - - (1,186) (1,186)

Segment income (loss) before finance expense

and income taxes 2,490 (525) (1,186) 779

Finance expense - - - (901) Income tax expense - - - (132) Loss for the period - - - (254)

Total assets as at March 31, 2014 66,055 54,221 5.783 126,059

Depreciation of property, plant and

equipment 425 455 41 921

Amortization of intangible assets 538 - 20 558 Goodwill and intangible assets

as at March 31, 2014 39,927 650 99 40,676

Expenditures on property, plant

and equipment $ 165 $ 66 $ 1 $ 232

11

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Canada | France | Germany | Slovakia | All
Gold and Silver Prices for these countries : Canada | France | Germany | Slovakia | All

Opta Minerals Inc.

CODE : OPM.TO
ISIN : CA68383W1032
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Opta Min. is a producing company based in Canada.

Opta Min. is listed in Canada. Its market capitalisation is CA$ 9.2 millions as of today (US$ 7.0 millions, € 6.2 millions).

Its stock quote reached its highest recent level on December 28, 2007 at CA$ 7.10, and its lowest recent point on September 25, 2015 at CA$ 0.25.

Opta Min. has 18 120 000 shares outstanding.

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Nominations of Opta Minerals Inc.
6/14/2013Reports Results of Election of Directors
1/14/2013Announces Appointment of John Dietrich as Executive Vice Pre...
6/18/2012Appoints Austin Beutel to the Board of Directors
1/16/2012Appoints Joseph Riz to the Board of Directors and Audit Comm...
7/29/2011Announces Appointment of Peter Fryters as Chief Financial Of...
7/8/2011Announces Resignation of Chief Financial Officer
Financials of Opta Minerals Inc.
4/24/2015Schedules First Quarter 2015 Financial Results Release
10/16/2013Schedules Third Quarter 2013 Financial Results Release
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7/15/2013Schedules Second Quarter 2013 Financial Results Release
5/8/2013Reports First Quarter Results for Fiscal 2013
4/16/2013Schedules First Quarter 2013 Financial Results Release
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8/10/2012Reports Second Quarter Results for Fiscal 2012
5/9/2012Reports First Quarter Results for Fiscal 2012
11/5/2008Reports Third Quarter Record Results in 2008
8/15/2008Reports Second Quarter Record Results in 2008
5/6/2008Reports First Quarter Record Results in 2008
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1/4/2016SunOpta Scheduled to Attend the 18th Annual ICR Conference o...
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9/10/2015Opta Minerals Inc.: TSX Commences Review of Listing
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8/15/2015Management’s Discussion and Analysis for the Three and Six M...
8/15/2015Form 52-109F2 - Certification Of Interim Filings Full Certif...
8/15/2015Opta Minerals Inc. Reports Second Quarter Results for Fiscal...
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7/21/2015OPTA MINERALS INC. (the “Corporation”) ANNUAL MEETING OF SHA...
7/21/2015Opta Minerals Reports Results of Election of Directors
7/17/2015Opta Minerals Reports Results of Election of Directors
6/26/2015MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE AND TWELV...
6/26/2015Notice of meeting - English
6/26/2015Notice of the meeting and record date (amended) - English
6/26/2015Form of proxy - English
6/26/2015Consolidated Financial Statements December 31, 2014 and 2013
6/26/2015Management information circular - English
4/12/2015Opta Minerals Inc. Divests of Assets and Business of Inland ...
4/10/2015Opta Minerals Inc. Divests of Assets and Business of Inland ...
3/19/2015Form 52-109F1 CEO Certification of Annual Filings Full Certi...
3/19/2015Form 52-109F1 CFO
3/19/2015Consolidated Financial Statements December 31, 2014 and 2013
3/19/2015Form 13-502F1 Class 1 Reporting Issuers – Participation Fee
3/19/2015Management’s Discussion and Analysis for the Three and Twelv...
3/19/2015Annual Information Form For the Fiscal Year Ended December 3...
3/3/2015Opta Minerals Inc. Reports Fourth Quarter and Year End Resul...
2/17/2015Opta Minerals Inc. Schedules Fourth Quarter and Year End 201...
12/22/2014Opta Minerals Inc. Announces Retirement of Director
11/13/2014FORM 52-109F2 CERTIFICATION OF INTERIM FILINGS FULL CERTIFIC...
11/12/2014Opta Minerals Inc. Reports Third Quarter Results for Fiscal ...
10/16/2014Opta Minerals Inc. Schedules Third Quarter 2014 Financial Re...
8/13/2014Opta Minerals Inc. Reports Second Quarter Results for Fiscal...
7/17/2014Opta Minerals Inc. Schedules Second Quarter 2014 Financial R...
6/19/2014Opta Minerals Inc. Reviewing Strategic Alternatives
6/13/2014Opta Minerals Reports Results of Election of Directors
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8/2/2012Schedules Second Quarter 2012 Financial Results Release and ...
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7/13/2012Announces Agreement to Make C$0.60 Per Share Cash Offer for ...
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2/13/2012Acquires Babco Industrial Corp.
12/22/2011to Suspend Strategic Review
9/7/2011to Evaluate Strategic Alternatives
8/8/2011Schedules Second Quarter 2011 Financial Results Release and ...
5/9/2011Schedules First Quarter 2011 Financial Results Release and C...
2/20/2009Announces Q4 Inventory Adjustment
7/9/2008Continues European Expansion
4/14/2008Announces new Specialty Abrasive
2/26/2008Reports Year End Results for Fiscal 2007
11/7/2007Reports Record 3rd Quarter Revenue Results for Fiscal 2007
9/4/2007Expands into Eastern Europe
8/21/2007Change in Credit Facilities
8/8/2007Q2 2007 Earnings
5/9/2007QI 2007 Earnings Press Release
2/22/2007Acquistion of Laval PQ assets
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TORONTO (OPM.TO)
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Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
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